Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11] Core Insights - The report highlights a slowdown in fixed asset investment growth, with a marginal improvement in the PMI for the construction sector, indicating a potential recovery in business activity expectations [6][19] - The report notes a significant decline in narrow infrastructure investment in June, with a year-on-year increase of 2.0% but a month-on-month decrease of 3.1 percentage points [7][26] - The report emphasizes the steady funding for infrastructure projects, with a notable increase in special bond issuance aimed at debt replacement [9][60] Summary by Sections Investment & Orders - Fixed asset investment growth continues to slow, with June's manufacturing PMI showing a slight improvement, while the construction PMI increased to 52.8%, up 0.5 percentage points year-on-year and 1.8 percentage points month-on-month [6][19] - In June, narrow infrastructure investment reached CNY 2.5 trillion, a year-on-year increase of 2.0%, while broad infrastructure investment was CNY 3.4 trillion, up 5.8% year-on-year [7][26] - The report indicates that overseas orders for construction companies remain robust, with a 17.34% year-on-year increase for China Energy Engineering in Q2 [7][41] Physical Workload - June saw a decline in cement production, with a year-on-year decrease of 5.3%, although the decline rate has narrowed compared to May [8][50] - Data for July shows improvements in construction material supply and asphalt operation rates, indicating a potential recovery in physical workload [8][50] Project Funding - The funding availability for construction projects remains stable, with a funding rate of 58.89% as of July 15, showing a slight decrease from the previous week [9][58] - Special bond issuance exceeded CNY 500 billion in June, with over CNY 200 billion in new special bonds aimed at debt replacement [9][60] - The report outlines that the issuance of special refinancing bonds is progressing well, with plans to issue CNY 18,246 billion for debt replacement in 2025 [9][69]

Market Performance - The Hang Seng Index closed at 25,667, up 0.51% for the day and up 27.95% year-to-date [1] - The Hang Seng Technology Index closed at 5,743, down 0.05% for the day and up 28.53% year-to-date [1] - The Shanghai Composite Index closed at 3,605, up 0.65% for the day and up 7.58% year-to-date [1] Currency and Commodity Overview - The Renminbi Index is at 96.140, up 0.68% over the last month but down 5.14% over the last six months [2] - Brent crude oil is priced at $69.130 per barrel, up 4.43% over the last month but down 7.34% over the last six months [2] - Gold is priced at $3,366.24 per ounce, up 1.31% over the last month and up 21.53% over the last six months [2] Key News Highlights - The Hong Kong stock market has seen a continuous rise for five trading days, with the Hang Seng Index reaching a new high not seen in over three and a half years [4] - The A-share market has also shown strength, with the Shanghai Composite Index surpassing 3,600 points, marking a significant increase [4] - In the U.S. market, the three major indices showed mixed results, with the Nasdaq and S&P 500 reaching new closing highs [5] Company-Specific Developments - Bubble Mart's chairman Wang Ning denied allegations of "hunger marketing," stating that production capacity is increasing monthly [9] - Three Life Pharmaceuticals has entered into a licensing agreement with Pfizer, raising approximately 785 million HKD through a share issuance at a 17% discount [11] - Tesla's stock fell nearly 23% following a report of declining sales in Europe, where new car sales dropped by 5.1% in June [13][14] Economic Indicators - The U.S. Markit Composite PMI for July is at 54.6, indicating expansion, although the manufacturing sector has slipped into contraction with a PMI of 49.5 [15] - The UK's Composite PMI fell to 51 in July, below expectations, reflecting economic pressures [12] - China's industrial profits for June showed a year-on-year decline of 9.1% [25]

Market Overview - Pre-market futures are mixed but showing signs of weakness, following record high closes on the S&P 500, with profit-taking being a potential factor [1] - The tech-heavy Nasdaq is up by 42 points (+0.18%), while the Dow is down 300 points (-0.67%) due to UnitedHealth's DOJ probe, and the S&P 500 is nearly flat at -0.004% [2] Job Market Data - Initial Jobless Claims have decreased for six consecutive weeks, with the latest figure at 217K, the lowest in 14 weeks, down from 250K in early June [3] - Continuing Claims are reported at 1.955 million, slightly above the previous week's revised figure of 1.951 million, indicating a stall just below the 2 million mark [4] Q2 Earnings Reports - American Airlines (AAL) reported earnings of 95 cents per share, exceeding expectations by +20.25%, but shares fell -6% due to warnings of softer demand leading to a Q3 loss [5] - Honeywell (HON) surpassed earnings expectations with $2.75 per share, a +4.2% increase, and revenues of $10.35 billion, but shares are down -2.7% as the company plans to split into three segments by 2026 [6] - Union Pacific (UNP) reported earnings of $3.03 per share, beating expectations by +4.84%, with revenues of $6.2 billion, but shares are down -3% ahead of the opening bell [7] Economic Indicators - Upcoming S&P flash Services and Manufacturing PMI for July are expected to show slight growth in Services to 53.2 and a dip in Manufacturing to 52.7, both remaining above the growth threshold of 50 [8] - New Home Sales for June are anticipated to rise to 645K units, up from 623K the previous month, although existing home sales were disappointing, falling below 4 million for the first time since September [9] Future Earnings Reports - Q2 earnings reports will continue after the market closes, with Intel (INTC) and Deckers Outdoor (DECK) among the companies set to report [10]

We did we did get very strong jobless claims and now we got some PMIs. Let's get to Rick Santelli. Hey Rick.>> Yeah, Carl. This is the other side of the mountain. Really tame claims meant less easing.Rates moved up, stocks moved down. Now the exact opposite effect, especially on interest rates. Much weaker than expected, especially on manufacturing.The rest of the data isn't bad. 49.5% on S&P Global Manufacturing PMI. These are July preliminary.That is the lowest of the year and goes back to December. The l ...

Core Insights - The latest PMI data indicates a strong start for the U.S. economy in Q3, but there are significant uncertainties regarding the sustainability of this growth [1] Economic Growth - The current economic growth is heavily reliant on the services sector, while the manufacturing sector has experienced its first deterioration of the year [1] - The decline in manufacturing is partly attributed to the fading effects of short-term purchases driven by tariff expectations [1] Business Confidence - Business confidence in both manufacturing and services has decreased, reaching one of the lowest levels in two and a half years [1] Inflation Concerns - Inflationary pressures are rising, with companies attributing cost and price increases to tariffs [1] - The price increase for goods and services in July was one of the largest in the past three years, suggesting that consumer price inflation may exceed the Federal Reserve's 2% target in the coming months [1]

美国7月标普全球制造业及服务业PMI初值将于十分钟后公布。 ...

尽管面临与美国迫在眉睫的贸易摊牌，欧元区经济仍在7月展现出韧性，私营部门活动以近一年来最快的速度扩张。 根据标普全球周四公布的数据，欧元区7月综合采购经理人指数（PMI）从6月的50.6升至51，高于分析师预期的50.7，进一步站稳荣枯线50以上。 这一增长主要得益于持续三年的制造业衰退接近尾声，同时服务业出人意料地加速增长。 与此同时，德国私营部门活动连续第五个月保持扩张，主要得益于制造业出现复苏迹象及服务业的企稳；法国私营部门活动连续第11个月出现萎 缩，受国内的政治僵局的影响。 欧元区7月PMI超预期扩张，经济韧性显现 对于欧洲央行而言，最新的PMI数据虽然带来一丝宽慰。 具体而言，欧元区7月新订单在连续13个月萎缩后趋于稳定，服务业新业务增加，但制造业新订单再次下降，出口订单也持续下滑。就业方面，欧 元区企业连续第五个月增加员工，主要得益于服务业的招聘，尽管德国和法国的员工数量仍在下降。积压工作量持续减少但速度放缓。 物价方面，投入成本通胀放缓至九个月低点，制造业成本持续下降。产出价格与6月持平，德国销售价格通胀放缓，但法国和欧元区其他地区加 速。库存和供应链方面，制造业采购活动降幅收窄，库存减少速度 ...

金十数据7月24日讯，标普全球市场情报首席商业经济学家Chris Williamson表示， 7月英国PMI数据显 示，在进入下半年之际，英国经济仍在艰难扩张。产出增长放缓，表明经济季度增长率仅为0.1%，未 来几个月的风险倾向于下行。7月产出增长乏力反映了订单情况恶化、商业信心低迷和成本上升等不利 因素，所有这些因素都与去年秋季预算案中宣布的政策变化的持续影响以及地缘政治不确定性的广泛不 稳定影响密切相关。 尤其令人担忧的是预算措施对就业的持续影响，7月员工人数再次大幅减少。疲软 的增长轨迹和就业岗位的持续减少将增加英国央行在8月会议上再次降息的压力。 英国7月PMI显示增长放缓 未来风险倾向下行 ...

智通财经7月24日电，德国7月制造业PMI初值为49.2，预期49.5；7月服务业PMI初值为50.1，预期50。 ...

Market Influence - Over a decade ago, Chinese economic indicators held little sway in overseas investment decisions, with the Purchasing Managers' Index (PMI) being the primary exception [1] - Currently, the focus on China's economic data, including CPI, M2, imports/exports, and unemployment rate, is second only to that of the United States [1]